- Bitcoin (BTC) holders want a slice of DeFi
- A record $1 billion Bitcoin is tokenized on Ethereum
- More Bitcoin investors are moving towards successful DeFi tokens
Bitcoin News Today – After failing to hold gains over the $11k level and exposing what analysts refer to as a general apathy to trade Bitcoin at these levels, the price of the digital currency is once again hovering around the $11k region.
According to Marcel Pechman and Michael van de Poppe of Cointelegraph, a move over the $11k mark is not a major milestone as the convergence of multiple factors, including the low trading volume and looming overhead resistance, decrease the possibility that it would break out once over $11k.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Holders Want a Slice of DeFi
Traders are supposedly showing a lack of interest, and it might be due to other major developments taking place in the digital currency space. Cointelegraph recently reported that UniSwap – a decentralized exchange – airdropped 400 UNI tokens to all the users that provided liquidity before the beginning of this month.
Many digital currency pundits and advocates are saying that the helicopter money of UniSwap is larger than the $1,200 economic stimulus check the US government gave to its citizens at the order of the Trump Administration. Furthermore, it did not take months for users to get their UNI tokens, whereas there are still many Americans that are yet to receive their stimulus check.
Bitcoin Tokenized on Ethereum Crossed over $1B This Week
Another notable milestone is the value of Bitcoin tokenized on Ethereum surge passed $1 billion this week. This shows the irresistible interest and demand from BTC holders desiring to interact with DeFi protocols. Considering that the price of Bitcoin has been struggling to break over the $12k and $12,500 hurdle points over the past two months, clever traders who are long on the digital currency have packed their coins to either become investors in successful DeFi tokens such as YFL, YFI, REN, LEND, and more or liquidity providers in incredibly lucrative liquidity pools.
According to data from Btconethereum.com, a total of 96,059 Bitcoins have been wrapped on the blockchain of Ethereum. From that total figure, 4,810 Bitcoins are in HBTC, 21,952 are in renBTC, and a whopping 64,466 are in WBTC.
Besides a record number of Bitcoin being wrapped to ERC20 tokens, the market cap of Tether (USDT) has surged over $15 billion. Traders and investors that are familiar with yield farming would know that using stablecoins to provide funding to liquidity pools is quite lucrative. There are many other opportunities out there, and with Bitcoin struggling to amass traction and sideways trading, the data shows that some traders are capitalizing on them.